In this series, we are focusing on ways in which a Risk Manager can add value to the bottom line of his or her organization using RMAP technology.  These avenues of added value include: lower cost, asset protection, revenue enhancement and competitive advantage through better management of tactical and strategic Risk.

Lower Cost:   Today’s BLOG will focus on property renewal efficiency.

Using today’s technology to drive efficiency in property values collection, property risk management can now accomplish a process that typically takes weeks in only a few days.  The key is to use the new technology’s ability to “push” out request for information (values, exposure, etc.) and allow field personnel to respond with just a few clicks (and at no additional cost).   Through time-based workflow, the technology can also monitor the collection process – escalate when someone doesn’t respond and trigger additional workflow once everyone has completed their input (e.g. sending a renewal package to the Broker).  The ROI comes in two forms: 1) the efficiency of converting a two week manual process to a two day automated process and 2) the accuracy that one is able to achieve by using reasonability checks and approval processes.  The extra time you now have to analyze your values vis-a-via your policy limits and craft a story for the underwriter should yield better premium rates as well.   In our next blog, we will actually see a Case in Point that illustrates this.